Russia's war spurs corporate exodus, exposes business risks
LONDON (AP) — Car factories idled, beer stopped flowing, furniture and fashion orders ceased, and energy companies fled oil and gas projects.
Russia’s invasion of Ukraine has thrown business plans into disarray and forced a growing number of the world’s best known brands — from Apple to Mercedes-Benz and BP — to pull out of a country that’s become a global outcast as companies seek to maintain their reputations and live up to corporate responsibility standards.
Investors were drawn to Russia in search of lucrative profits they thought were worth the geopolitical risks. That calculation has changed after Russia’s war triggered a wave of global sanctions and export restrictions that have thrown its economy into turmoil and disrupted the operations of multinational corporations there.
“You basically have Russia becoming a commercial pariah,” said economist Mary Lovely, a senior fellow at the Peterson Institute for International Economics in Washington. “Pretty much no company, no multinational, wants to be caught on the wrong side of U.S. and Western sanctions.”
https://apnews.com/article/russia-ukraine-vladimir-putin-business-europe-lifestyle-ca0aabe1c4a8fb3fbc0baec76a9c5666
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